Here is my summary of your recommendations from D1:
In D2, you recognized the the CFO could be a very significant threat to the project. Most of you recommended communicating openly and frequently with the CFO and even including him/her on the Steering Committee. I agree with you. Ignoring a key executive -- especially one that opposes the project -- is dangerous. I also agree with your statement that there are some circumstances where you should not do the project at all if the CFO remains in opposition.
I saw the comment about using good Indian Curry to influence the CFO. This should also be tried on the professor. (I live less than three miles from Devon and Western Avenues and have excellent access to Indian restaurants)
W6D1 Project Risk
An example was given concerning law firm billing. Firms in service industries must often provide customized service.
I read the Mythical Man Month when I first started working. That shows you how old this book is. However, this book has stood the test of time and it still contains excellent insights into project management and how adding resources to a project does not necessary accelerate the delivery date.
Lack of time was mentioned as a risk. I view this as "scope too big for time available" or "failing to identify and properly estimate all the tasks during project planning"
In my opinion, it is most important to get the scope right and then match the skills, resources, and time-frame to that scope. As you pointed out in your discussions, it is dangerous to plan too much customization and it is also dangerous to plan for too little customization.
W6D2 Management Commitment
Most of you stated that the CFO can be a threat to the project in the Discussion and I agree with you. Even those of you who thought the CFO was not a major threat had a plan to sell the project to the CFO. Any high level executive, especially one that controls funding, can keep a major project from being successful. Sometimes, the best project management decision is to halt the project if there is not adequate support for it. (You would want to do this very early in the project).